International Journal of Experimental Pathology
(company limited by guarantee)
Report and Financial Statements
for the year ended 31 December 2024
Charity No. 231407
Company No. 355858

INTERNATIONAL JOURNAL OF EXPERIMENfAL PATHOLOGY
Report and Financial Statements for the year ended 31 Deeernber 2024
Contents
Page
Trustees, report
Independent examiner's report
Statement of financiaI activities
Balance sheet
Notes to the financial statements

iTrirERNATIONALJOURNAL OF EXPERIMENfAL PATHOLOGY
Trusiees, report {fincorporating the directors, report) for
the year ended 31 December 2024
The Trustees, who are also directors of the charity for the PUTFK)ses of the Companies ACL present
their annual report and accounts for the year ended 31 December 2024. The accounts comply with
the Charities Act 2011. the Companies Act 2(X)6. the Memordndum and Articles of Association and
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) (ktober 2019.
RefereDee and Adminithtive inforn￿tiOll
Company Number
355858 (England and Wales)
Registered Charity No.
231407
Directors and Members
of the Council (Trustees)
Professor l Lauder- President
Professor M Alison- Vice President
Professor G Murphy- Scctetary
Professor R Goldin
Professor H Lachmann
Editor
Prof¢ssor D R Katz
Registerd Office
28 Pheasants Way
Rickn]answorth
Hertfordshire
WD3 7ES
Bankers
CAF Bank Limiled
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Investment Managers
Canaccord Genuity Wealth Management
Slip House. Princes Drive
Worcester
WRI 2AB
Independeni Examiner
Paul Harris
Paul Harris & Co Limited
59 West End
Redruth
Cornwall
TR15 2SQ

IF￿ERNAT[oNALj0URNAL OF EXPERIMENTALPATH0L￿y
Page 2
Trustees, report {incorporathig the directors, report) for
the year ended 31 December 2024 (continued)
Structur4 Governantt and Management
Governing document
The ¢harAty is constituled as a cotnpany limited by guarantee and is therefore governed by a
Memorandum and Articles of Association. The liability of members in the event of a winding up is
limited to £10. Control of the company is vested in the Board of Trustees.
Recruitment and appointment of Trustr
The Trustees are also directors of the company for the purposes of the Companies Act and are
known 18 Members of the Council under the company's Articles of A$S￿lation. Under the
requirements of the Memorandum and Articles of Association. one fifth of the Members of the
CouDciI must retire at each Annual General Meeting. these being the members who have been in
otrice the longest. The retiring members are eligible for re<lection
In accordance with the Articles of Association. Professor lan Lauder retires and offers hirnself for
re-election.
All Trustees have expertise in the field of experitnenlal pathology and when Trustees retire. they are
replaced by persons with similar expertise. The Board has the p)wer to appoint additional TnLStees
as it considers fit ¢0 do so.
All Trustees give of their time freely and no TTUStee received remuneration in the year. Trustees,
reitnbursed travelling expenses are shown in Note 5 to the accounts.
Objectives and activities
The charity's object and its principal activlty continues to be that of the publication of the Journal.
Our policy is to publish research into the cause. diagnosis and cure of dise&se in man. and any
profits from such publication are used to promote research in this field. The Trustees confirn) that
they have considered the Charity Commission's public benefit guidance when reviewing the aims
and objectives. MB PhD Fellowship awards are made to research insututions to fund nominated
studenls whose area of interest fijrthers the objects of the charity. Sponsorship of an annual lecture
and PTiZ£S are provided to the Brilish Society for Matrix Biology and bursaries are awarded to
students of the Rani Rawji Foundation.
The type of rnaterial that is published. including both primary research papers and reviews, is
subject to peer review and is monitored by an Editorial Board. composed of an international group
of experts in the field of experimental pathology. which meets three limes each year.
The Trustees meer as a Board of Directors to detern]ine the general policy of the Journal. which h&$
remained unchanged.

INTERNATIONALJOURNAL OF EXPERIMENTALPATHOLOGY
Page 3
Trustees, report (incorporating the directors, report) for
the year ended 31 December 2024 {continued)
Achievements and perfornjanee
In 2024 the Journal had another difficult year. Although the number of submissions (218) fell frorn
2023 (406). the qua]ity and hence percentage of acceptsnce remained low {9%}. The time to first
decision was 63 days overdll. and to acceptance (taking into account revisions) was 136 days. From
acceptance to publication was 29 days.
One review was published: the Fell-muir lecture by Prof Adams entitled 'TbromknspoDdins:
Conserved mediators and modulatots of metazoan extracellular matrix". One set of British Society
for Matrix Biology Abstracts was published from the April 2U24 meeting. which wa5 entitled 'The
Dynamic Matrix-meehanics. Ageing and Repaif.. There were 15 original articl¢s: 13 of these were
open access. Full online views of published articles (102,839) satisfactory. The citation score
was 3.4 and the Impact Factor was 2.2. 20% of papets were from Brazil. and 13% from each of
Chin4 United Kingdom. Italy and Japan. For onlxne views 20% were from Chin4 17% from the
United States. 6% from the United Kingdorn. and 5% from each of India and Japan.
As ever the work of our loyal referees. particularly of the Editorial Board. was our greatest strength.
In particular Profs Alison. Goldin. Howie. Morgan and Silver. and the British Society for Matrix
Biology (BSMB) team, have played a remarkable role in maintsining standards. Many authors
should be grateful for their efforts.
A Cambridge Lachmann MB PhD studentship was awarded to Theo Von Wilmowski. who is
supervised by Prof Mike Weekes. A UCL LachmanD MB PhD siudentship was awarded to Ryan
Turner supervised by Ptof Tom Jacques and DarreD Hargrave. Five UCL Rani Rawji swdentships
were awarded to do research projects during the summer vacation. BSMB poster prizes were
awarded based upon the recent meetings. and the two Fell Muir awards (Profs Adams and
Pitsillides) were made.
Thus far in 2025 112 articles have been submitted of which 41 have been handled to completion.
The following articles hav¢ appeared:
Role of the tendon circadian clock in tendin
Mobjerg A. Pedersen SD. Kjaer M. Yeung CC.
Int J Exp Pathol. 2025 May:106(3):e70001. doi: l O. I I I 1liep.70001.PMID: 40308034 Free PMC
article. Review
Extracellular matrix:
can inletactions-Roles for the d stro hin-associated I
com lex in skeletal tissue d
namics. Hopkinson M. Pitsillides AA.
tnt J Exp Pathol. 2025 Mar:106(2):e12525. doi: l 0.1 I I Iliep.12525.PMID: 39923120 Free PMC
article. Review
Review of methodolo
id mediators
PMS
Gilroy DW.
Int J Exp Pathol. 2025 Feb.106(1):e12523. doi: 10. I I I l/1ep.12523. Epub 2024 Dec
23.PMID: 39713922 Free PMC article. Review
The role of ketone bodies in oxidi7£d LDL-indu¢ed cell oliferation and li
macro
es. Sato A. Nemoto H. Yabuki A. Sato G. Ogawa Y. Ohira M.
Int J Exp Pathol. 2025 Jul;106(4):e70002. doi: 10.1 I I l/iep.70002.PMID: 404483
KLF9 a
ravates the cardiom
throu
h the IncRNA
and im
lications for thera
uti
co rotein
and re-anal
sis of li
idomic dats f
usin
ons
ecialised m-resolution
in a human miKlel of resolvin
inflammation. Homer NZM. Andrew R.
id accumulation
inh
27 axis. Ding D. Zhao G.
rtro hic obslructive cardiom
CAI

INTERNATIONALJOURNALOF ExPERImETr￿AL PATHOLOGY
Page 4
Trustees, report {incorporntlng the dlrettors, report) for
the year ended 31 December 2024 (continued)
Achievements and perforniance (continued)
Int J Exp Pathol. 2025 Mar,106(2):e12526. doi: 10. I l l lliep.l2526.PM￿: 39909852
Silencin
cells b
non-codin
etin
RNA linc(X)689 su
resses the
rowth and invasion of osteosarcoma
miR-129-5 INUSAPI. 7thang L, Song J. Xu X. Sun D, Huang H, Chen Y, Zhang
Int J Exp Pathol. 2025 Mar,106(2):e12524. doi: l O. I I I Iliep.12524.PMID: 39891384
Identification of BCL3 as a biomarker for chondroc te
ammed cell death in osteoarthritis. Ren
J, Li EL Meng C, Xu Y. Li c.nt J Exp Pathol. 2025 Feb-106(1):e12522. doi: 10.111 Iliep.12522.
Epub 2024 Dec 16.PMID: 39676743 Free PMC article
Exercise combined with corticoidlome
a-3 thera
sitivel affected skeletal and cardiac muscles
in middle a
ed mdx mice. Suarez PAS. Junior MM. de Carvalho SC. Santo Neto H. Minatel E,
Marques MJ.
Int J Exp Pathol. 2025 May"106(3):e70000. doi: 10.1 I I Iliep.70(KIO.PMID: 4030802
Perinatal ex
osure to lead alters male re
roductive behaviour and immunoreactivit of andro
en
and oestro
en rece
tors in the brain. Arteaga-silva M. Vigueras-Villas¢rior RM, Guillen-Herrera G,
Lander<FHuerta DA, Contreras-Garcfa IJ, Montes S. ￿0$ C. Limon-morales O, Rojas-castaneda
Jc.
Int J Exp Pathol. 2025 Feb:106(1):e12521. doi: 10.llllli￿.1252I. Epub 2024 Dec
16.PMID: 39676704
The relationship between the Journal and Wiley's has evolved further during the year. where there
is a team of people handling individual aspects of production. Their considerdtion and backing has
helF¢d to make sure that timings and online access rates have improved.
Ffinaneial review
The sthtement of financial activities on page 7 shows the fmancial results of the yeafs activities.
The balance sheet on page 8 shows the kx)sition at the y¢ar end. This is the f￿st year of the new
agreement with the publishers. which commenced on 1° January 2024 for a period of two years.
Under this agreemenL the company receives a royalty equivalent to 25% of revenues from the
journal and a contsibution iowards editorial costs. Income from the journal decreased as a result of
the new tenns, however investment income increased due to increases in interest rates. Thus. total
income remained comparable to last year. Two new three year Fellowship awards for candidates
from University of Cambridge and University College London commenced in 2024. Additionally,
the charity continued its support for the annual Fell Muir lecture, British Society of Matrix Biology
prizes and students from the Rani Rawji Foundation. The investment portfolio perfornied in line
with expectations based on global equity markets. with net gains of £26.798 over the year. Overall,
the trustees consider that the charity is in a Strong [￿anCIal position.

If+rrERNATIONAL JOURNAL OF EXPERIMETr￿AL PATHoL￿y
Page 5
Trustets, report (incoryorating the directors. report) for
the year ended 31 December 2024 (continued)
Investment pollcy
Under the Memorandum and Articles of Association. the charity has the power to make any
investment which the Thistees see fiL The Trnstees. policy for investing funds is to gen¢rdte IK)th
income and capital growth and the investrnent ￿rtfoliO is regularly reviewed for this PUTPOSe.
Ethical issues are given due considerdtion when investment decisions are made. Funds not requittd
for irnrnediate use are invested in higher interest paying accounts. The Trnstees consider the return
on investments in the year to be satisfactory.
Reserves pollcy
Reserves are m￿ntaIned at levels which are necessary to support the continuation of the publication
of the Journal and the Fellowships awarded. The balance on general unrestricted reserve5 at the year
end was £1.046,120.
Statement of trustees, respoThsibilities
The Thistees are required by law to prepare financial statements for each financial year which give
a Irue and fair view of the financial activities of the charity and of its f￿ancial position at the end of
that year. tn preparing those financial statements. the trustees are required to:
select suitable accounting policies and apply them consistently"
n￿ke judgernents and estimates that are reasonable and prudent"
stat¢ whether the policies adopted are in accordance with the Companies Act 2006 and with
applicable accounting standards and statements of tecornmeDded practice. subject to any
material d¢partLwes disclosed and explained in the financial statements. and
prepare the fmancial staternents on a going concern basis unless it is inappropriate to assume
that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with re&sonable
accuracy at any time the financial p)sition of the charity and enable thern to ensure that th¢
financial statements comply with the Companies Act 21M. They are also responsible for
safeguarding the &ssets of the charity and hence for tskiDg twonable steps for the prevention and
detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act
2(K)6 applicable to companies subject to the small companies regime.
This report was approved by the Board of Directors and Trustees on 9 July 2025 and signed on its
ljehalf by:
Professor Ian Iauder
Dlrector and Ilwstee

IMERNATtONALJOURNAL OF EXPERIMENTALPATHOLOGY
Page 6
Independent uaminer's report lo the Trustees of knternational Journal of Experimental
Pathology
I report to the charity trustees on my examination of the accounts of the chaTitabJe company for the
year ended 3l December 2024 which are set out on pages 7 10 12.
Responsibilities and basts of report
As the charity's trustees of the company (and a]so its directors for the purposes of company law)
you are responsible for the preparation of the &counts in accordance with the requirements of the
Companies Act 21X)6 ('the 2tM)6 Act'}.
Having been Sdtisfied that the I￿oUnts of the uMnp￿Y are not required to be audited under Part 16
of the 21XJ6 Act and are eligible tor independent exatnination. I report in respect of my exatnination
of your charity's accounts as carTied out under section 145 of the ch￿lueS Act 2011 ('the 2011
Act.). In carrying out my examination I have followed thc Directions given by the Charity
Commission under section 145 (5) (b) of th¢ 2011 Act.
Independent eLgminer's statement
I have completed my examinatiOD. I cont-llm that no matters have com¢ to my attention ID
connection with the examination giving me cause to Ltlieve:
(l) accs)unting records wett not kept in respect of the company &8 rquired by wtion 386 of the
2006 Act" or
(2) the accounts do not accord with those records" or
(3) the accounts do not comply with ihe accounting requ1￿Ments of section 396 of the 2006 Act
other than any requirement that the accounts give a. irue and fair, view which is not a Inatter
considered as part of an independent examination: or
(4) the accounts have not been prepared in accordance with the methods and principles of the
Statement of Recommended Practice for accounting and reporting by charlties applicable lo
charities preparing their accounts in accordance with the Financial Rep)rting Standard
Éipplicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come acmss no other matter5 in connection with the examination to
which attention should be drawn in this report in order to enable a proper understsnding of the
accounts to be reached.
Paul Hdrris
Paul Harris & Co Limited
Chartered Certified Accountants
59 West End
Redruth
Cornwall
9 July 2025

iTr¥rERNATIONALJOURNALOF EXPERIMENTALPATHOLOGY
Page 7
Statement of llnaneSal activities for the year ended 31 Deeember 2024
locome and expenditure account
Notes
2024
2023
Income from:
Charitable activities
29.650
39,351
Investments
55.877
48,810
Total income
85,527
88.161
Expendithre on:
Chariiable activities:
Research fellowship grants and prizes
Governance costs
213.571
14,451
6.700
16,1Y79
Total expenditure
228.022
22.779
Net (expenditureyincome before investment gain
(142.495) 65.382
Net gainlon investments
26.798
32.446
Net movement In funds
{115,697) 97.828
RecoDciliation of funds:
Total funds brought forward
1.416.577 1.318.749
Total funds carried forward
1.300.880 1.416.577
The notes on pages 9 to 12 forni part of these financial statements.

INTERNATIONALJOURNAL OF EXPERIMEKfALPATHOLOGY
Page 8
Balance sheet gs at 31 D￿ember 2024
Nofrs
2023
Fixed assets
Investments
1.107,086
1.082.503
Current assets
Debtors
C&th at bank
34,552
317,333
46.574
346,417
361.885
392,991
Creditors: amounts falling due
within on¢ year
99.167
58.917
Net current assets
262.718
334,074
Totsl assets less current liabilities
Creditors: amounts falling due
after one year
1,369.81X
1,416577
68.924
Net assets
1,3(K).880
1,416,577
Funds of the charity
UDrestricted funds
G¢nerai funds
Fair value reserve
1.046.120
254,76￿1
1,185.043
231.534
Total funds
10
lJ(K),880
1.416.577
The company w&8 entitled to exemption from audit under section 477 of the Companies Act 2(
relating to small cornpanies.
The rnembers have not required the company to obtain an audit of its accounts in accordance with
section 476 of the Companies Act 2￿6.
The directors acknowledge their res￿nSIbilIti￿$ for complying with the requirements of the
Companies Act with respect to xcounting records and the preparation of accounts.
These accounts have been prepared in accordaDLZ with thc provisions applicable to small
companies subject to the small companies regime and in accordance with FRS 102 SORP.
Approved by the Board of Directors and Trustees on 9 July 2025 and signed oll its bchalf.
Professor lan Lauder
DiTector and Trust
The Dotes on pages 9 to 12 forni part of these financial statements.

INTERNATIONAL JOURNAL OF ExPERIm￿AL PATHOLOGY
Page 9
Notas to the accounts for the year ended 31 December 2024
Accounting polides
Basls of aecounting
The accounts have been prepared under the historical cost convention. with items recognised
at cost or transaction value. unless otherwise stated in the notes to these accounts.
The accounts have been prepared in accordance with the Statement of Recommended
Practice: Accounting and Reporting by Charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)-
(Charities SORP FRS 102) October 2019. the F￿anCIal Retorling Standard applicable in the
UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.
The company meets the definition of a public benefit entity under FRS 102.
Income
Recognition of incoffle:
These are included in the staternent of fmancial activities (SOFA) when the charity becomes
cntitled to the resources, it is more likely than not thal the Trustees will receive the resources
and the monetary value can be measured with sufficienl reliability.
Income from the Journal:
This is the company's share of profit from the publication of the Journal as shown in the
accounts produced by the Publisher and is recognised wben the charity has entitlement to the
funds.
Investment income:
This is included in the accounts when receipt is probable and the amount receivable can be
measured reliably.
Investment gains and losses:
This includes any realised or unrealised gains or losses on the sale of investments and any
gain or loss resulting from revaluing investments to niarket value at the end of the year.
Expenditure and liabilities
Liability recognition:
Liabilities are recognised when it is more likely than not that there is a legal or constructive
obligation commirting the charity to pay out resources and the amount of the obligation can be
measured with reasonable certainty.
Governance and support costs..
Support Costs have been allocated between governance and other support.
Governance costs comprise all wsts involving public accountability of the charity and its
compliance with regulation and good practice.
Support costs include central functions and are ailixated to activity cost categories on a basis
consistent with the use of resources.
Grants payable without perforniance conditioDS:
Where there are no perfoTmance conditions attaching to the grant payable, that enables the
charity to realistically avoid the c0ttunirn￿nt. a liability for the funding obligation is

INfERNATIONALJOURNAL OF EXPERIMENTAL PATHOLOGY
Pag¢ 10
Notes to the flDancial statemeDts for the year ended 31 December 21)24 (conlinued)
Atcounting policies {continued)
Creditors:
Creditors are measured at settlement amounts. Value Added Tax is not recoverable by the
charity. and as such AS included in the relevant costs.
A&sets
Investments..
Fixed asset investsnents in quoted shares. traded bonds and similar investments are valued
initially at cost and subsequently at fair value {their maTket value) at the year end.
Debtors:
Debtors are measured on initial recogniuoD at settlement amounL Subsequently, they are
measured at the cash or other consideration expected to be received.
Current asset inveslments:
These are cash deposits with a maturity of less than one year, held for investment purposes
rather than to meet short terni c&8h commitments as they fall due.
Income from charltable actlvltles
Income from charitable actkvities represents the royalty receivable fmm the publication of the
Journal. as shown in the accounts produced by the Publisher. after deducting excess Editorial
costs. Excess Editorial costs are costs of the Editorial office, for which the company is
responsible. less a fixed contsibution from the Publisher.
2024
2023
Royalty
Excess Editorial costs
30.198
(548)
40.790
{1.439)
29,650
39,351
Ineonie from investments
2024
2023
Dividcnds from investment p)rtfolio
Interest on bank deposits
39,948
15,929
38,032
10,778
55,877
48.810

lE￿iNATIoNALJOuRNAL0F EXPERIMENTALPATHOLOGY
Page 11
Notes to the fllwlchal statements for the year ended 31 December 2024 (eontinued)
Research fellowship grants and priz
2024
2023
Institutional grants:
Fellowship for MB PhD studies:
University College London
University of Cambridge
Institutional prizes and leclures:
British Society for Matrix Biology
Fell Muir award
Rani Rawji Studentships
Woolf prize
99.281
104,095
800
8.045
250
213.571
6,700
Governance eosts
2024
2023
Fee for independent examiner
Other governance costs
13.551
15.179
14.451
16,079
The Thistees received reimbursed travel expenses of £151 (2023 £218). There are no
employees.
Investment assets
Fixed asset investments
Market value at l January 2024
Additions at cost
Sales proceeds on disposals
1.082,503
106.175
(108.390)
1.080.288
26,798
Increase in market value for the year
Market valu¢ at 31 December 2024
1,107,086
The historical cost of listed iDvestments fts £849.015 (2023 £850.970)
Debtors
2024
2023
Trade debtors
Other debtors
30.198
4.354
44.808
1.766
34.552
46.574

INTERNATIONAL JOURNAL OF EXPERIMENfAL PATHOLOGY
Page 12
Notes to the fU￿le￿al statements for the year ended 31 Deeember 2024 (eonthiued)
Credltors: amounts falling due
within one year
2024
2023
Accruals
99,167
58.917
Creditors: amounts fa]ling due
after more than one year
2024
2023
Accrual for Fellowships awarded
68,924
10. Movement in funds
General Fair value
Fund
reserve
Total
Funds
At l January 2024
Net expenditure for the year
Realised and unrealised gain on investments
Transfer of surplus relating to investments sold
1,185.043 231.534 1.416.577
(142.495)
(142,495)
1,916
26.798
1.656
24,882
(1,656)
At 31 Dettmber 2024
1,046.120 254,760 1,3(Y).880